Gas Prices Could Hit $3 A Gallon Due To Winter Storm
The weather outside may be frightful but the next time you go fill up your gas tank, you'll likely be terrified of the price of a gallon of gas. Because of the winter freeze that has gripped much of the nation, gasoline refineries will have to go offline and that means a big hit to your pocketbook.
Gas Buddy, the website and app that helps you find the cheapest gas prices, says that in addition to dealing with the horrible weather, "overall gasoline demand continues to recover from the COVID-19 pandemic." Going offline means gasoline prices could easily hit $3 a gallon but it also means less production of gasoline. Of course, if the weather breaks and refineries can get back online then prices might not skyrocket as badly as predicted.
GasBuddy says that there are eleven refineries in Texas that have already partially shut down because of the winter storm that slammed the state. The reason why weather poses such a problem for southern refineries is because we don't expect this kind of weather. Refineries are build to handle hurricanes but freezing temperatures, snow and ice like we've seen since this past weekend really pose a huge problem for southern refineries.
Refineries, once they get back up to full production it might take a couple of weeks to get back up to full speed, but then we will be heading into spring break and travel which means more consumption which means more strain on the product and prices remaining high.
Remember when we thought that 2021 was going to get easier because what could top 2020? Yeah, hold onto your hats because the year has just begun.